Research from Mita Securities, Mita Securities

Mita Securities

Research from Mita Securities

Mita Securities provides a full scale diversified investment banking and financial services. A comprehensive investment banking department, specializes in rights offerings advisory, take-over bids agents, M&A etc. Including a proprietary trading desk, and wealth management department that offers brokerage, custody, real estate, and full proxy services.

Equity Bottom-Up

<h2>Company profile</h2><p>Zenkoku Hosho is an independent mortgage guarantee company with guarantee exposure of 14.6trn yen (end- FY3/21). It has partnerships with 744 financial institutions nationwide. Stock revenue has been growing due to the increase in the guarantee exposure, whereas credit costs have remained at a low level. The company has made it clear that it aims to grow through M&amp;A.</p>

Company profileZenkoku Hosho is an independent mortgage guarantee company with guarantee exposure of 14.6trn yen (end- FY3/21). It has partnerships with 744 financial institutions nationwide. Stock revenue has been growing due to the increase in the guarantee exposure, whereas credit costs have remained at a low level. The company has made it clear that it aims to grow through M&amp;A.

Zenkoku Hosho (7164): 1H Results Look Positive.

<h2>Summary</h2>
<p>Our top pick is S Foods. Points of interest are 1) its strength in meat wholesaling to restaurants, and 2) the US meat packer business benefiting from increased demand for restaurants in the US. We believe that these factors have not been fully factored into the current stock price</p>

Summary
Our top pick is S Foods. Points of interest are 1) its strength in meat wholesaling to restaurants, and 2) the US meat packer business benefiting from increased demand for restaurants in the US. We believe that these factors have not been fully factored into the current stock price

Japan

Zenkoku Hosho Co. Ltd. is a credit guarantee company mainly for real estate or education loans. The company also provides insurance agency and credit check services.

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Zenkoku Hosho (7164 JP)

Zenkoku Hosho (7164): 1H Results Look Positive.

Zenkoku Hosho is an independent mortgage guarantee company with guarantee exposure of 14.6trn yen (end- FY3/21). It has partnerships with 744...

Mita Securities

List of Covered Stocks (7 October 2021)

Our top pick is S Foods. Points of interest are 1) its strength in meat wholesaling to restaurants, and 2) the US meat packer business benefiting...

Mita Securities

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